A key witness in the ongoing trial of a former governor of Oyo State, Senator Rasheed Ladoja on Thursday told Justice Muhammed Idris of the Federal High Court sitting in Ikoyi, Lagos how the former governor benefitted from the proceeds of the sale of the state’s shares in 2007.

Ladoja is standing trial alongside his former Commissioner for Finance, Waheed Akanbi, for allegedly selling the state’s shares worth N6.6bn without executive resolution. The former governor is being prosecuted for an alleged N4.7bn fraud in connection with the controversial deal.

At the resumption of trial, a prosecution witness, Aliu Madaki, an investigator with the Economic and Financial Crimes Commission (EFCC), told the court that though the first defendant, in his statement, promised to refund the money he benefited from the sale of Oyo State portfolio of shares, he had not done so.

Led by the prosecution counsel, Oluwafemi Olabisi, Madaki also told the court about the relationship between Ladoja and one Adewale Atanda, whom he described as his (Ladoja) executive assistant at the time of the transaction.

In his further evidence, Madaki, who said investigators could not trace any money to Atanda during the course of investigation, told the court that the shares and part of the proceeds were given to Ladoja and his relations.

He also told the court that the Nigeria Stock Exchange (NSE) conducted an investigation into the sale of the shares and issued a report.

The copy of the report was tendered and admitted in evidence as exhibit H3.

Madaki mentioned two companies, Marklay Security Limited and Fountain Security Limited, as the managers for the sale of the portfolio of Oyo State shares.

He said the sum of N1.9bn from the proceeds of the sale of the shares was not remitted to the coffers of the state.

“The family members did not refund what was given to them, which served as outstanding,” he said.

Madaki added that contrary to Ladoja’s promise in a statement he made to EFCC, he had not returned a Sport Utility Vehicle (SUV) and a bus he bought from the proceeds of the sale of the shares.

The witness also told the court that when a search was conducted on Heritage Apartments owned by Atanda, documents relating to the proceeds of the state’s shares were recovered.

The search warrant and documents of the Oyo State’s shares were tendered and admitted in evidence as exhibits H4 and H5, respectively.

Justice Idris adjourned the case to May 30 and 31, 2018 for continuation of trial.

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